Hyderabad: The Enforcement Directorate (ED) has filed a supplementary prosecution complaint against two former senior executives of the Sahiti Infratec Ventures India Private Limited (SIVIPL) in a large-scale real estate fraud case involving over 700 homebuyers, with the Metropolitan Sessions Judge Court in Hyderabad taking cognizance of the complaint on Monday, January 5.
B Lakshminarayana, the former director, and Sandhu Purnachandra Rao, the former sales and marketing head, of SIVIPL face charges under the Prevention of Money Laundering Act (PMLA). The case stems from the company advertising a “pre-launch offer” for the construction of a residential gated community and collecting huge amounts of money from prospective buyers. The company, however, allegedly failed to deliver the flats to the customers or refund their investment, cheating them of their savings.
What the ED investigation revealed
The ED, Hyderabad Zonal Office, initiated an investigation on the basis of a first information report (FIR) registered by the Telangana Police against SIVIPL and its promoters. Subsequently, various other FIRs were registered after complaints from buyers of different projects undertaken by the company and other group entities.
The investigation revealed that SIVIPL operated without the necessary approvals from the Real Estate Regulatory Authority (RERA) and the Hyderabad Metropolitan Development Authority (HMDA). The company also failed to maintain an escrow account for the project, instead depositing investor funds across various bank accounts and collecting significant amounts in cash.
According to the ED, the accused collected over Rs 800 crore through the sale of inventory in illegally launched projects. Of this, Rs 216.91 crore was collected in cash from buyers for the Sarvani Elite project alone. These cash transactions were not recorded in the company’s books, allegedly to conceal and siphon funds.
The agency found that proceeds from the fraud were diverted to related and unrelated entities through bogus banking transactions. Substantial cash amounts were withdrawn from SIVIPL’s bank accounts, and funds were also transferred to overseas accounts by Lakshminarayana and his family members.
In a separate development, Rao allegedly misappropriated approximately Rs 126 crore from SIVIPL, including over Rs 50 crore in cash. After a forensic audit exposed the misappropriation, Lakshminarayana registered three FIRs against Rao. The two subsequently entered into a settlement agreement under which Rao transferred 21 immovable properties to employees of the Sahiti Group and others for Lakshminarayana’s benefit in exchange for the withdrawal of the FIRs. Rao also purchased properties in the names of his family members and entities using the proceeds of crime.
The ED has conducted searches at various premises, seized incriminating material and digital devices, and frozen several bank accounts. Movable and immovable properties worth Rs 169.15 crore have been provisionally attached during the investigation.
Lakshminarayana was arrested on September 29, 2024, while Rao was arrested on August 25, 2025. Both remain in judicial custody. The investigation is ongoing.
| 
